Building Trust in Contactless and Digital Payments Amidst Security Threats

The UK is growing closer to a cashless society as more people opt for contactless and digital payments. A survey on contactless and digital payments found that 77% of UK consumers have relied on mobile payments over physical wallets, with 61% feeling confident enough to leave their physical wallets at home and go completely digital. Given this change in payment preferences, businesses need to accommodate flexible options to solidify customer loyalty.

However, many consumers are still concerned about the safety and security of digital payment transactions. Not only do businesses have to increase their efficiency in payment processing, but they also need to ensure their payment solutions are secure. Here are some ways businesses can build trust amidst security threats:

Checking the features of your payment service provider

As a business, it’s essential to familiarise yourself with your payment tools’ safety and compliance features. Case in point, running a portable card reader in your business would mean complying with the Payment Card Industry Security Standard (PCI-DSS). By remaining active in compliance reporting, companies can avoid compliance fines and, more importantly, safeguard themselves and their customers from data security risks. Compliant businesses are also granted a PCI-DSS certificate of compliance, allowing you to attest to the level of data safety you follow. Customers value companies that can protect their sensitive card information, so being knowledgeable in protocols can ensure customer loyalty. Suppose your business relies on multipayment options that can be difficult to track. In that case, you can opt for more robust safety programmes that provide software, regular maintenance, and 24/7 business support to establish full-time security for your transactions.

Providing visual confirmation

A good user experience is an essential part of the payment process. Although contactless and digital payments are convenient as people don’t have to take out their wallets and count their money, this can prove a security risk as they are left unaware of potentially fraudulent transactions. Businesses should establish clear payment flows that allow customers to reverify and establish control over what they do, such as being able to confirm their purchase, inputting their payment details, and saving them for future purchases by choice. Upon purchase, businesses should also give visual confirmation that their payments went through correctly by providing an onscreen receipt or an email notification with a transaction number regarding their payment. Aside from live feedback during transactions, businesses must warn their customers of similar-looking e-shop brands that are phishing attacks. This can protect customers from their payment data being stolen, building their trust in your business and preventing your company from taking the blame for scams.

Providing excellent customer service

Digital payment methods have given rise to e-commerce — allowing customers and businesses to transact without needing a physical location. Aside from good payment processors, it’s essential that businesses retain effective e-commerce customer services to ensure customer retention. As mentioned earlier, transparency is a key part of developing a customer’s trust; they should have access to their full billing history, the status of their order, as well as their saved payment options, which allows them to refute any issues they may have with their orders. It’s also important to have store policies for returns and contact information readily available, enabling you to resolve any problems quickly and timely. Considering how automated safety protocols may block legitimate purchases, active customer service can quickly correct these processes and encourage customers to continue with their purchases, allowing businesses to profit.

About Lisa Baker, Editor 2308 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.